First home buyers purchasing vacant land also receive generous stamp duty concessions from the Western Australian Government. It could mean that if you buy a homesite at Paramount Estate Baldivis for up to $300,000, you’ll pay no stamp duty and save almost $9,000!
Visit the Department of Communities and Housing website to view your options, and to see if you are eligible:
Stamp duty is a tax charged by territories and states on the sale of assets such as property and vehicles. When you are buying your first home in Western Australia, you can qualify for stamp duty concession if the value of the property falls below specific thresholds.
Keep in mind that the First Home Owners Stamp Duty Concession is only available for new home purchases. If you purchase an established property you won’t qualify for the stamp duty exemption.
Aside from stamp duty concession, the Western Australia government also provides a First Home Owner Grant to help qualified first homeowners in buying a new home or building one through a $10,000 grant.
In Western Australia, the buyer of the property or the transferee pays stamp duty during the sale or transfer process. You must apply for an assessment of stamp duty within two months after the sale or transfer or a property. After submitting the documents, you must pay the required amount within a month. You pay stamp duty to the Office of State Revenue.
Aside from the stamp duty, home and land buyers may need to pay title transfer and mortgage registration fees. The transfer fee in Western Australia varies according to the value of the property you are buying.
You are eligible for a refund if the sale or transfer is cancelled. Just make sure you apply for the refund within five years of the original assessment or a year after the day of the cancellation of the agreement.
It’s important to note that the rules and regulations around stamp duty concessions, and grants, as well as your eligibility, can change. You should check the latest advice provided by the Western Australian government.
You should also consult a financial, legal and/or conveyancing professional to help you navigate all aspects of stamp duty payments and the purchase or sale of your property.